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Business leaders say government reforms such as reducing red tape and simplifying employment law have been ineffective. The study of more than 1,200 members of the Institute of Directors also shows serious concern that the recession will continue for the rest of the year.

Among the main findings of the study are:

The coalition has struggled to reduce tax complexity and business regulation

Around half polled predicted economic growth to be lower this year

Two out of three said there was a zero or low probability of the UK emerging from recession in 2012